Mir cards occupied a quarter of the market in terms of the turnover of non-cash payments in Russia

By October of this year, 108.6 million Mir cards were issued in Russia. According to the results of nine months, the national payment system for the first time occupied more than a quarter of the payments market – it accounted for 25.2% of non-cash transactions to pay for goods and services.

Mir cards occupied a quarter of the market in terms of the turnover of non-cash payments in Russia

At the same time, in terms of the issue of Mir cards, they already occupy a third of the market (32.3%), reported Izvestia with reference to the Central Bank.

In the system itself, such volumes were called “significant”. Each next percentage will require even more serious work, the financial company noted, stressing that by the end of 2023 they plan to reach the indicator of 27-30% in terms of payments outlined by the Central Bank’s strategy.

Large Russian banks noted that national card holders spend on average less than Visa and MasterCard users.

Experts noted that Mir has reached the same level in quality and technology of services with international ones, but has exhausted the main growth potential at the expense of state employees. They believe that further competition is expected in the area of ​​loyalty programs.

Russia is among the leaders in the share of non-cash payments in retail turnover, for seven years, according to the Central Bank, it has increased more than 2.5 times. They are sure that the potential has not yet been exhausted. According to the strategy for the development of the national payment system, by the end of 2021, the share of non-cash payments is expected to be about 72%.

Subscribe to our TG channelto keep abreast of all the news and events!

Cover photo: Melena-Nsk / Shutterstock

Source: RB.RU by rb.ru.

*The article has been translated based on the content of RB.RU by rb.ru. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!